Drilling Continues as Kookynie Delivers Further Outstanding Gold Results

Carnavale Resources Ltd (CAV) is pleased to announce further outstanding results from the December drilling campaign at the McTavish East Prospect, at the Kookynie Gold Project, located only 60km south of Leonora in Western Australia.

• RC and diamond drilling confirms and infills significant high-grade plunging gold zones at McTavish East. Significant results from the RC and diamond drilling program include:
  
  • 3m @ 58.54g/t Au from 97m in MERC102 (inc. 2m @ 84.5g/t*)
  • 7m @ 23.18g/t Au from 46m in MERC098 (inc. 3m @ 51.18g/t*)
  • 4.6m @ 24.92g/t Au from 112.07m in MEPC008 (inc. 0.2m @ 26.4g/t and 1.25m @ 69.28g/t*)
  • 10m @ 11.03g/t Au from 88m in MERC105 (inc. 2m @ 42.15g/t*)
  • 4m @ 22.68g/t Au from 28m in MERC097 (inc.3m @ 29.77g/t *)
  • 5m @ 15.50g/t Au from 63m in MERC104 (inc. 2m @ 26.48g/t and 1m @ 20.4g/t*)
  • 1m @ 47.40g/t from 24m in MEPC003
  • 3m @ 10.98g/t from 181m in MERC088 (inc. 2m @ 15.38g/t*)
  • 2m @ 12.90g/t from 32m in MERC091 (inc. 1m @ 23.5g/t*)
  • 5m @ 4.22g/t from 172m in MERC 103 (inc. 1m @ 12.95g/t*)
• Very high-grade plunging shoots defined for 250m down dip by close spaced RC and Diamond drilling. (figure 2A)
• Defined new shoots from isolated high-grade intercepts within the known 700m zone, potential to expand. (figure 2B)
• Maiden Mineral Resource Estimate (MRE)to be completed at McTavish East.
• Field work completed for the initial Geotechnical review that will be used to inform mining studies.
• Shallow RC drilling has commenced, 12 holes focused on new targets along the main mineralising structure including Champion South and anomalies already defined by aircore drilling to test for high-grade shoots along strike. 5,500m of exploration aircore drilling to follow.

“We are delighted with the results of the drilling which has confirmed the continuity of the bonanza grades at McTavish East. This gives the Company confidence to commission a maiden resource estimate and economic studies to evaluate potential mining scenarios. We are very excited about the additional exploration opportunities along strike and have commenced an exploration program to explore this fertile zone for additional high-grade shoots with aircore and RC.”

Carnavale identified the Kookynie-Leonora region (Figure 6) as highly prospective, with known past and current high-grade mines. Since 2021, the McTavish East Prospect trend has been defined over approximately 2km with aircore drilling and RC drilling.

Figure1, Plan of McTavish East Prospect. Gold contours over magnetic image. The highest-grade results from the recent drilling reported in yellow callouts. Historic results in blue callouts.

Extensive historic gold mining occurred between 1895 and 1922 throughout the Kookynie area, including the Cosmopolitan mine the largest gold producer, where historic high-grade gold production amounted to more than 331,000 ounces of gold¹ at 15g/t.

In December 2023 CAV completed a program of RC and diamond drilling consisting of a 29 hole, 4,169m RC drilling program with an additional 7 holes with diamond tails for a further 356.6m of NQ2 core that followed up on previous RC drilling programs.

This drilling program was designed to improve the confidence of the very high-grade plunging shoots by confirming the continuity of high-grade gold and investigate the area to the south (area B in figure 2) that contained sporadic high-grade hits. The new close spaced drilling has confirmed the continuity of the high- grade mineralisation and will be used to create a maiden resource estimate.

The highest-grade zone (area A in figure 2) with bonanza grade gold mineralisation extends down dip for 250m and remains open at depth. The mineralisation is characterized by very high grade mineralised gently north plunging shoots within a mineralised southerly plunging envelope.

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